Question 1

The following transactions for Carleton Company occurred during January 2016:

Jan.	1	Purchased a two-year insurance policy for cash, $8,400
	4	Paid utilities bill received December 2015, $450
	9	Performed a service on account, $1,200
	16	Paid bimonthly salary to employees, $2,700
	21	Received $800 from a customer on account
	25	Received $600 from January 9 transaction
	30	Prepared the adjusting entry for insurance from January 1 transaction
	30	Accrued wages of $2,750

Show the total amount of revenue and expense recognized under both the accrual basis and cash basis of accounting.

Accrual Basis
Revenue Total
Expense Total

Cash Basis
Revenue Total
Expense Total